Steve Madden Shares Tumble
As Trading in Stock Resumes

NEW YORK -- The other shoe dropped for footwear retailer Steven Madden Ltd. Thursday when its shares lost nearly half their value after the Nasdaq Stock Market allowed them to resume trading.

The stock hadn't changed hands since Tuesday, when it was halted after company founder and Chief Executive Steven Madden was accused by government authorities of securities fraud and money laundering. The stock reopened Thursday and fell 40%, or...